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OWMI FAQ

Frequently Asked Questions
  • What is the Office of Minority and Women Inclusion?

     

    The Office of Minority and Women Inclusion was established by Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in order to ensure diversity in management, employment and business activities.

    The provision applies to several agencies, including each of the Federal Reserve banks and the Board of Governors of the Federal Reserve System.

    The office is responsible for all matters relating to diversity in management, employment and business activities at the Federal Reserve Bank of St. Louis.

  • What are the primary duties of the Office of Minority and Women Inclusion?

     

    Develop and/or implement diversity standards related to the Bank's programs and contracts.

    Advise the Bank's senior management regarding the impact of Bank policy on minority-owned and women-owned businesses.

    Implement recruiting efforts, internships and partnerships targeted toward minorities and women.

    Submit to Congress an annual report, including data on the percentage of contract expenditures to minority-owned and women-owned businesses, as well as information about the successes and challenges related to recruiting and hiring of minorities and women.

  • Doesn't the St. Louis Fed already have programs in place to foster diversity and inclusion in its hiring and recruiting efforts?

     

    Yes. The St. Louis Fed views the Office of Minority and Women Inclusion's mission as a complement to its long-standing commitment to increasing diversity and inclusion in all of the Bank's activities, including recruiting and hiring. For more information about the St. Louis Fed's efforts to promote diversity in its work force, please visit www.stlouisfed.org/careers/diversity-and-inclusion.

  • How will the Office of Minority and Women Inclusion requirements affect contracts with the Bank's suppliers?

     

    The Office of Minority and Women Inclusion provision in the Dodd-Frank Act requires the Federal Reserve banks and others to include minority-owned and women-owned businesses to the maximum extent possible. The Federal Reserve Bank of St. Louis has a long-standing commitment to supplier diversity and views this new office as an opportunity to advance these efforts.